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Nominal wages in Japan rose 2.8% year-on-year in January 2025, slowing from a 4.4% gain in December and coming in below market expectations of 3.2%. January’s figure was also the lowest reading in three months. Meanwhile, inflation-adjusted real wages, which reflect consumer purchasing power, fell 1.8% in January from a year ago, ending two straight months of gains as inflation outpaced wage growth. The report came just days ahead of the culmination of the annual round of pay negotiations at the country’s major firms. Last week, Japan’s largest labor group said member unions were demanding an average 6.09% pay hike, their largest claim in more than 30 years. On the monetary policy front, the Bank of Japan is expected to hold interest rates steady at its March policy meeting as officials wait for more evidence of sustainable wage growth.